That's right! the title speaks for itself. Today's post is actually about giving out an idea that I have been thinking about for a couple of months.
What I've done so far:
- The concept of the idea
- Target Market
- Business Model
- Problem
- Solutions
- Step-by-step of its function
What do I want to get out of this? Nothing much honestly, I would love to see someone who is capable and bold enough to go on and make this idea happen.
Why did I choose not to pursue this myself?
Well, ever since I had my mind wrapped around the idea I have been trying to look for existing competitors in the market and not until last week I finally did. Now, yes I know that having competitors within markets are great.
Why you ask?
*It provides reassurance that your idea actually works!
It builds loyalty for your customers to return to you for your products
Allows your to improve on your product or service to out do competitors and stand out.
Back to the idea
Here it is:
The idea is to create a white-label platform to accommodate all the existing and future e-Wallets and mobile payments platform in one place.
For example: You walk into a cafe and the cafe accepts AliPay. However, the only problem is that you only have WeChat pay on your mobile phone. Now, there are two choices for you at this point:
Download AliPay and fill in your bank card details. (Which takes time)
Walk away and look for another cafe that accepts WeChat Pay. (Wastes time and effort too)
But, what if you have an app that has both these apps?
Yeah, that's the whole idea. It eliminates the trouble for you to download another app and fill in bank card details.
Problem
- Abundance of Cashless payments platform
- Downloading another app and filling up details takes time
- Potentially drive customers away
Solution
- White-label platform to accommodate e-Wallets and Mobile Payments
- Pick and choose (Downloading is not needed)
- Eases accessibility for cashless payments
- Encourage cashless payment usage.
Business Model
How to make money?
Make money through each transactions via the app (Make a deal with the payments company)
Charge the Payments company a fee to be able to use the white-label platform ( Use the platform as an advertising or marketing platform too)
Your revenue model can be in many different forms, be creative and use that creativity to your advantage!
Target Market
So, who are you selling this product to?
You want to be able to sell this product to e-Wallet and Mobile Payment companies who believe in what this platform can do for them and for people
Target people who use Mobile payments and e-Wallets. There may be a problem in that area at this moment because it is still a new area. However, the amount of people who will transition to a cashless society will increase in the next 5 years. Be optimistic!
Step-by-Step Function
Step 1
Users type in card details. This will allowed to be copied into the chosen payment platform. Easy peasy
[Account 1]
[Account 2]
[Account 3]
Multiple accounts is possible.
Step 2
Users will be able to pick and choose which cashless payment platforms they wish to have as their 'Favorites'
Step 3
Users can now choose which account they would like to have linked to each payment platform. e.g- [Account 1] links AliPay.
Step 4
- Use any App to pay at any partnered merchant.
- Use NFC function or QR code
Step 5
Users can also tract their spending and expenses for each payment platform and each account.
Those are the functions and features the app can potentially have. If YOU have better ideas, USE IT! and hopefully you can beat the existing competitors or even create a new market of your own!
Hope you enjoyed this post! and if you do, Your Upvotes, Comments and Follows are much appreciated!
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